Personal Customers

DIFFICULTIES RELATING TO LOANS FOR YOUR PRIMARY RESIDENCE 

Where a loan is secured on a property which is your primary residence in the State or a residential property which is the only residential property in the State that you own; the Central Bank’s Code of Conduct for Mortgage Arrears(“CCMA”), available at https://centralbank.ie/regulation/consumer-protection/consumer-protection-codes-regulations#mortgage-arrears provides a wide range of protections for you. 

We have summarised how we support customers under the Mortgage Arrears Resolution Process (“MARP”) in a short booklet which describes the process and the potential options that may be available to you: Cabot Financial Ireland – MARP Booklet. The following are the key stages in the process:

1. Communication regarding your financial difficulties between us;
2. Obtaining Financial information to enable a common understanding of the difficulties to be determined;
3. Assessment of options that may be available;
4. Resolution of the difficulties by means of implementing an alternative arrangement where appropriate.

In addition, the MARP process includes an Appeals process if you do not agree with the outcome of any restructure proposal or if you are dissatisfied in the event that we deem you to be non-cooperative. 

In order to benefit fully from the protections of MARP, it is critical that you engage with us. This is to ensure we can understand your situation in detail and assess how we can assist you; and to protect against the risk of being excluded from MARP by reason of failing to engage with us in an appropriate manner.

DIFFICULTIES RELATING TO LOANS OTHER THAN THOSE SECURED ON YOUR PRIMARY RESIDENCE

Consumer Loans, Overdrafts, Credit Card Debt; together with Mortgage Debt which is not eligible for the MARP process benefit from the protections of the Central Bank’s Consumer Protection Code(“CPC”) https://centralbank.ie/regulation/consumer-protection/consumer-protection-codes-regulations#consumer-protection-code. 

Any information you share, or conversations you have with us, will be treated with the strictest of confidence.

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STANDARD FINANCIAL STATEMENT (SFS)

We use the Standard Financial Statement (SFS) to gather information regarding your financial circumstances when you are in financial difficulties relating to a mortgage. The SFS is an industry-wide document issued by the Central Bank of Ireland. You can access a copy of our SFS using this link: Cabot Financial Ireland – SFS Form.

Supporting documentation in addition to the SFS will be required.  Our team will be happy to help you complete the SFS and determine any supporting documentation which will be required.

The Central Bank of Ireland has a helpful guide to completing a SFS.  https://www.centralbank.ie/consumer-hub/consumer-guides

INTEREST AND CHARGES

We do not charge surcharge interest on arrears.  However, interest is charged on the full amount outstanding on your loan.

You will pay increased interest if you are in arrears, as the balance outstanding will include your arrears amount.

USEFUL CONTACTS & LINKS

REGULATORY WARNINGS

Please note carefully the following information relating to Irish Housing Loans covered under the Irish Consumer Credit Act 1995 and the Consumer Protection Code.